UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(D)
of the Securities Exchange Act of 1934
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| Item 8.01 | Other Events. |
As previously disclosed, Aviat Networks, Inc. (the “Company” or “Aviat”) announced a two-for-one stock split in the form of a stock dividend. Each Aviat stockholder of record at the close of business on April 1, 2021, received one additional share of common stock after close of trading on April 7, 2021.
The Company is filing this Current Report on Form 8-K to present selected financial data for the fiscal years ended July 3, 2020, June 28, 2019 and June 29, 2018, and for the quarterly periods ended January 1, 2021, October 2, 2020, December 27, 2019 and September 27, 2019, as adjusted to reflect the April 7, 2021 stock split in the form of a stock dividend. The information contained in Exhibit 99.1 to this Current Report on Form 8-K is incorporated by reference in this Item 8.01.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Selected Financial Information for Aviat Networks, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AVIAT NETWORKS, INC. | ||
| By: | /s/ Eric Chang | |
| Name: | Eric Chang | |
| Title: | Senior Vice President, Chief Financial Officer | |
Dated: April 13, 2021
3
Exhibit 99.1
Selected Financial Information
On March 5, 2021, Aviat Networks, Inc. (the “Company” or “Aviat”) announced a two-for-one stock split in the form of a stock dividend. Each Aviat stockholder of record at the close of business on April 1, 2021, received one additional share of the Company’s common stock, par value $0.01 per share (the “Common Stock”) after close of trading on April 7, 2021.
The following net income (loss) per share, basic and diluted, has been derived from the audited financial statements of the Company contained in its Annual Report on Form 10-K for the fiscal year ended July 3, 2020, and its unaudited interim financial statements of the Company contained in its Quarterly Reports on Form 10-Q for the fiscal quarters ended January 1, 2021 and October 2, 2020, except that the net income (loss) per share, basic and diluted have been revised to reflect the two-for-one stock split in the form of a stock dividend of our issued and outstanding shares of Common Stock effective on April 7, 2021, as shown below.
The historical financial information set forth below may not be indicative of our future performance and should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical financial statements and notes to those statements included in our Annual Report on Form 10-K for the fiscal year ended July 3, 2020, our Quarterly Reports on Form 10-Q for the quarters ended January 1, 2021 and October 2, 2020, and any future filings or other reports that we may file with the SEC.
AS REPORTED (QUARTERLY FINANCIAL DATA UNAUDITED)
| Years Ended | ||||||||||||
| (in thousands, except per share amounts) | July 3, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
| Net Income |
$ | 257 | $ | 9,738 | $ | 1,845 | ||||||
| Net income per share |
||||||||||||
| Basic |
$ | 0.05 | $ | 1.81 | $ | 0.35 | ||||||
| Diluted |
$ | 0.05 | $ | 1.73 | $ | 0.33 | ||||||
| Shares |
||||||||||||
| Basic |
5,391 | 5,377 | 5,336 | |||||||||
| Diluted |
5,468 | 5,618 | 5,647 | |||||||||
| Three Months Ended | ||||||||
| October 2, 2020 | September 27, 2019 | |||||||
| Net Income |
$ | 5,936 | $ | 54 | ||||
| Net income per share |
||||||||
| Basic |
$ | 1.10 | $ | 0.01 | ||||
| Diluted |
$ | 1.07 | $ | 0.01 | ||||
| Shares |
||||||||
| Basic |
5,411 | 5,347 | ||||||
| Diluted |
5,546 | 5,530 | ||||||
| Three Months Ended | ||||||||
| January 1, 2021 | December 27, 2019 | |||||||
| Net Income (loss) |
$ | 6,641 | $ | (1,671 | ) | |||
| Net income (loss) per share |
||||||||
| Basic |
$ | 1.21 | $ | (0.31 | ) | |||
| Diluted |
$ | 1.16 | $ | (0.31 | ) | |||
| Shares |
||||||||
| Basic |
5,504 | 5,427 | ||||||
| Diluted |
5,710 | 5,427 | ||||||
| Six Months Ended | ||||||||
| January 1, 2021 | December 27, 2019 | |||||||
| Net Income (loss) |
$ | 12,577 | $ | (1,617 | ) | |||
| Net income (loss) per share |
||||||||
| Basic |
$ | 2.30 | $ | (0.30 | ) | |||
| Diluted |
$ | 2.23 | $ | (0.30 | ) | |||
| Shares |
||||||||
| Basic |
5,457 | 5,387 | ||||||
| Diluted |
5,639 | 5,387 | ||||||
AS ADJUSTED FOR TWO-FOR-ONE STOCK SPLIT IN THE FORM OF A STOCK DIVIDEND (UNAUDITED)
| Years Ended | ||||||||||||
| (in thousands, except per share amounts) | July 3, 2020 | June 28, 2019 | June 29, 2018 | |||||||||
| Net Income |
$ | 257 | $ | 9,738 | $ | 1,845 | ||||||
| Net income per share |
||||||||||||
| Basic |
$ | 0.02 | $ | 0.91 | $ | 0.17 | ||||||
| Diluted |
$ | 0.02 | $ | 0.87 | $ | 0.16 | ||||||
| Shares |
||||||||||||
| Basic |
10,782 | 10,754 | 10,672 | |||||||||
| Diluted |
10,936 | 11,236 | 11,294 | |||||||||
| Three Months Ended | ||||||||
| October 2, 2020 | September 27, 2019 | |||||||
| Net Income |
$ | 5,936 | $ | 54 | ||||
| Net income per share |
||||||||
| Basic |
$ | 0.55 | $ | 0.01 | ||||
| Diluted |
$ | 0.54 | $ | 0.00 | ||||
| Shares |
||||||||
| Basic |
10,822 | 10,694 | ||||||
| Diluted |
11,092 | 11,060 | ||||||
| Three Months Ended | ||||||||
| January 1, 2021 | December 27, 2019 | |||||||
| Net Income (loss) |
$ | 6,641 | $ | (1,671 | ) | |||
| Net income (loss) per share |
||||||||
| Basic |
$ | 0.60 | $ | (0.15 | ) | |||
| Diluted |
$ | 0.58 | $ | (0.15 | ) | |||
| Shares |
||||||||
| Basic |
11,008 | 10,854 | ||||||
| Diluted |
11,420 | 10,854 | ||||||
| Six Months Ended | ||||||||
| January 1, 2021 | December 27, 2019 | |||||||
| Net Income (loss) |
$ | 12,577 | $ | (1,617 | ) | |||
| Net income (loss) per share |
||||||||
| Basic |
$ | 1.15 | $ | (0.15 | ) | |||
| Diluted |
$ | 1.12 | $ | (0.15 | ) | |||
| Shares |
||||||||
| Basic |
10,914 | 10,774 | ||||||
| Diluted |
11,278 | 10,774 | ||||||